http://www.siteproweb.com/foreclusre-alerts The deed flippers locate properties going into foreclosure where 60% of value or less is owed on the property, including attorney fees, liens, mortgage(s), taxes, home owner's dues, etc. Properties targeted are those with a fair market value of $150K or less. The flippers hire out title searches in each county (they work only in NC) to make sure the total outstanding owed is correct. The flippers track down the owner going into default and arrange to buy the deed for the property*. This does not obligate them to the mortgage, but simply makes them the deed holder when/if they record the deed that they purchase (usually for $5,000 cash). The owner going into default receives needed cash immediately upon execution of the deed.